Business

What could be the petrol price in Pakistan from June 1?

Published

11 months ago

Farwa

KARACHI: The price of petroleum products is expected to go down by up to Rs5 per litre effective from June 1, Geo News reported Wednesday citing industry sources.

According to estimates of oil marketing companies (OMCs), the prices of diesel and petrol are likely to drop by Rs5 per litre. Meanwhile, the sources also said that the government might keep the prices of petroleum products unchanged due to rupee depreciation.

A day earlier, industry officials told The News that the price of petrol is expected to go down by Rs10 per litre following a decline in the ex-refinery price.

They said that the ex-refinery price of petrol is showing a decline of Rs10-12 for the next fortnight, however, the exchange rate adjustment will allow the government to pass up to Rs10 per litre relief only.

“The ex-refinery price of diesel is showing Rs4-5 per litre decrease for the next review and the government may pass on this impact in the upcoming fortnightly review,” an industry official said.

During the previous price review, the government reduced the price of diesel by Rs30, resulting in a decrease from Rs288 to Rs258 per litre. Similarly, the price of petrol was slashed by Rs12 to Rs270 from Rs282 per litre.

Officials said the global oil prices didn’t reflect any major decline whereas the exchange rate in the interbank market didn’t witness any major fluctuation during the fortnight.

The government has been under pressure to reduce petroleum prices, which have been rising steadily in recent months. The recent decline in global oil prices has provided some relief, but the government is still facing difficulty in keeping prices down.

The new petroleum prices will be announced on May 31.

Business

Pakistan’s gold prices continue to decline.

Published

20 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

20 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

21 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.